Last week, we outlined potential implications for Australian businesses as a result of a the recent bushfires and COVID-19 coronavirus crisis. Developments this week and measures taken to protect the health of all Australians, and the knock on effect that it already has and will continue to have on health of Australian business and economy, means that many businesses might be finding themselves in critical condition already.
In the same way that we are all looking to solutions to keep our society protected, there are special measures that many businesses can take to ensure that despite short to medium term hardship and sacrifice that they ultimately remain solvent. Madison Marcus’ Head of Restructuring and Insolvency, Gerard Breen, has examined the rapidly developing situation for businesses and what measures they can take to ensure that they survive this crisis before calling in the administrators. Businesses that are suffering hardship as a result of the COVID-19 Pandemic can:
- Apply for a grant of up $25k to assist in the payment of employees’ wages;
- Apply for a relief package to defer lodging and paying of payroll tax;
- Apply for an asset write off of up to $150K. (NB: Special conditions apply to this.);
- Apply to defer tax obligations for up to 4 months; and
- Obtain advice from Madison Marcus in relation to “Safe Harbour” exceptions for businesses whilst trading during emergency circumstances such as the COVID-19 Crisis.
Our experts can help navigate you through all of these special measures to boost the immunity of your business during this difficult time.
Madison Marcus understands that this is an unprecedented situation that all Australians and business could not have been prepared for but we can assist you in developing contingency plans to ensure that you preserve the long term health of your business. Do not hesitate to get in touch with our Head of Restructuring and Insolvency, Gerard Breen, for assistance in protecting your business amid this global crisis.